Common use of CONTINUITY OF OPERATIONS Clause in Contracts

CONTINUITY OF OPERATIONS. Engage in any business activities substantially different than those in which Borrower is presently engaged, (2) cease operations, liquidate, merge or restructure as a legal entity (whether by division or otherwise), consolidate with or acquire any other entity, change its name, convert to another type of entity or redomesticate, dissolve or transfer or sell Collateral out of the ordinary course of business, or (3) pay any dividends on Borrower’s stock (other than dividends payable in its stock), provided, however that notwithstanding the foregoing, but only so long as no Event of Default has occurred and is continuing or would result from the payment of dividends, if Borrower is a “Subchapter S Corporation” (as defined in the Internal Revenue Code of 1986, as amended), Borrower may pay cash dividends on its stock to its shareholders from time to time in amounts necessary to enable the shareholders to pay income taxes and make estimated income tax payments to satisfy their liabilities under federal and state law which arise solely from their status as Shareholders of a Subchapter S Corporation because of their ownership of shares of Borrower’s stock, or purchase or retire any of Borrower’s outstanding shares or alter or amend Borrower’s capital structure.

CONTINUITY OF OPERATIONS. Engage in any business activities substantially different than those in which Borrower is presently engaged, (2) cease operations, liquidate, merge or restructure as a legal entity (whether by division or otherwise), consolidate with or acquire any other entity, change its name, convert to another type of entity or redomesticate, dissolve or transfer or sell Collateral out of the ordinary course of business, or (3) pay any dividends on Borrower’s 's stock (other than dividends payable in its stock), provided, however that notwithstanding the foregoing, but only so long as no Event of Default has occurred and is continuing or would result from the payment of dividends, if Borrower is a “"Subchapter S Corporation” " (as defined in the Internal Revenue Code of 1986, as amended), Borrower may pay cash dividends on its stock to its shareholders from time to time in amounts necessary to enable the shareholders to pay income taxes and make estimated income tax payments to satisfy their liabilities under federal and state law which arise solely from their status as Shareholders of a Subchapter S Corporation because of their ownership of shares of Borrower’s 's stock, or purchase or retire any of Borrower’s 's outstanding shares or alter or amend Borrower’s 's capital structure.

CONTINUITY OF OPERATIONS. Engage in any business activities substantially different than those in which Borrower is presently engaged, (2) cease operations, liquidate, merge or restructure as a legal entity (whether by division or otherwise), consolidate with or acquire any other entity, change its name, convert to another type of entity or redomesticate, dissolve or transfer or sell Collateral out of the ordinary course of business, or (3) pay any dividends on Borrower’s 's stock (other than dividends payable in its stock), provided, however that notwithstanding the foregoing, but only so long as no Event of Default has occurred and is continuing or would result from the payment of dividends, if Borrower is a “"Subchapter S Corporation” " (as defined in the Internal Revenue Code of 1986, as amended), Borrower may pay cash dividends on its stock to its shareholders from time to time in amounts necessary to enable the shareholders to pay income taxes and make estimated income tax payments to satisfy their liabilities under federal and state law which arise solely from their status as Shareholders of a Subchapter S Corporation because of their ownership of shares of Borrower’s 's stock, or purchase or retire any of Borrower’s 's outstanding shares or alter or amend Borrower’s 's capital structure.

CONTINUITY OF OPERATIONS. Engage in any business activities substantially different than those in which Borrower is presently engagedengaged without Lender's approval, which will not be unreasonably withheld, (2b) cease operations, liquidate, merge merge, transfer, acquire or restructure as a legal entity (whether by division or otherwise), consolidate with or acquire any other entity, change ownership, change its name, convert to another type of entity or redomesticate, dissolve or transfer or sell Collateral out of the ordinary course of business, business or (3c) pay any dividends on Borrower’s 's stock (other than dividends payable in its stock), provided, however that notwithstanding the foregoing, but only so long as no Event of Default has occurred and is continuing or would result from the payment of dividends, if Borrower is a “"Subchapter S Corporation” " (as defined in the Internal Revenue Code of 1986, as amended), Borrower may pay cash dividends on its stock to its shareholders from time to time in amounts necessary to enable the shareholders to pay income taxes and make estimated income tax payments to satisfy their liabilities under federal and state law which arise solely from their status as Shareholders of a Subchapter S Corporation because of their ownership of shares of stock of Borrower’s stock, or (d) purchase or retire any of Borrower’s 's outstanding shares in excess of $200,000.00 or alter or amend Borrower’s 's capital structure.

CONTINUITY OF OPERATIONS. Engage in any business activities substantially different than those in which Borrower is presently engaged, ; (2) cease operations, liquidate, merge or restructure as a legal entity (whether by division or otherwise), consolidate with or acquire any other entity, change its name, convert to another type of entity or redomesticate, dissolve or transfer or sell Collateral out of the ordinary course of business, or (3) pay any dividends on Borrower’s stock tock (other than dividends payable in its stock), provided, however that notwithstanding the foregoing, but only so long as no Event of Default has occurred and is continuing or would result from form the payment of dividends, if Borrower is a “Subchapter S Corporation” (as Corporation”(as defined in the Internal Revenue Code of 1986, as amended), Borrower may pay cash dividends on its stock to its shareholders from time to time in amounts necessary to enable the shareholders to pay income taxes and make estimated income tax payments to satisfy their liabilities under federal and state law which arise solely from their status as Shareholders of a Subchapter S Corporation because of their ownership of shares of Borrower’s stock, or purchase or retire any of Borrower’s outstanding shares or alter or amend Borrower’s capital structure.

CONTINUITY OF OPERATIONS. Engage in any business activities substantially different than those in which Borrower is presently engaged, (2) cease operations, liquidate, merge or restructure as a legal entity (whether by division or otherwise), consolidate with or acquire any other entity, change its name, convert to another type of entity or redomesticate, dissolve or transfer or sell Collateral out of the ordinary course of business, or (3) pay any dividends on Borrower’s 's stock (other than dividends payable in its stock), provided, however that notwithstanding the foregoing, but only so long as no Event of Default has occurred and is continuing or would result from the payment of dividends, if Borrower is a “"Subchapter S Corporation” " (as defined in the Internal Revenue Code of 1986, as amended), Borrower may pay cash dividends on its stock to its shareholders from time to time in amounts necessary to enable the shareholders to pay income taxes and make estimated income Income tax payments to satisfy their liabilities under federal and state law which arise solely from their status as Shareholders of a Subchapter S Corporation because of their ownership of shares of Borrower’s 's stock, or purchase or retire any of Borrower’s 's outstanding shares or alter or amend Borrower’s 's capital structure.

CONTINUITY OF OPERATIONS. Engage in any business activities substantially different than those in which Borrower is presently engaged, (2b) cease operations, liquidate, merge merge, transfer, acquire or restructure as a legal entity (whether by division or otherwise), consolidate with or acquire any other entity, change ownership, change its name, convert to another type dissolve or transfer or sell Collateral out of entity or redomesticate, the ordinary course of 4 dissolve or transfer or sell Collateral out of the ordinary course of business, or (3c) pay any dividends on Borrower’s 's stock (other than dividends payable in its stock), provided, however that notwithstanding the foregoing, but only so long as no Event of Default has occurred and is Is continuing or would result from the payment of dividends, if Borrower is a “*Subchapter S Corporation” " (as defined in the Internal internal Revenue Code of 1986, as amended), Borrower may pay cash dividends on its stock to its shareholders from time to time in In amounts necessary to enable the shareholders to pay income taxes and make estimated income Income tax payments to satisfy their liabilities under federal and state law which arise solely from their status as Shareholders of a Subchapter S Corporation because of their ownership of shares of stock of Borrower’s stock, or (d) purchase or retire any of Borrower’s 's outstanding shares or alter or amend Borrower’s 's capital structure.